BAFE vs FMCX
Brown Advisory Flexible Equity ETF vs FM Focus Equity ETF
Which is better, BAFE or FMCX?
BAFE has been ahead.
BAFE has a lower expense ratio. BAFE led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.93. BAFE is less concentrated, with 45.4% of the fund in its ten largest positions against 54.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BAFE | FMCX |
|---|---|---|
| Expense Ratio | 0.54%Best | 0.72% |
| AUM | $1.8B | $118M |
| Dividend Yield | 0.27% | 0.29% |
| Holdings | 90 | 32 |
| YTD Return | +9.97%Best | +5.03% |
| 1Y Return | +12.65%Best | +3.97% |
| 3Y Return (annualized) | - | +15.01% |
| Volatility (annualized) | 13.2%Best | 13.8% |
| Max Drawdown | -18.4%Best | -18.5% |
| $10,000 over 1.9 years | $12,035Best | $11,445 |
| Top 10 Weight | 45.4%Best | 54.3% |
| Fund Family | Brown Advisory | First Manhattan |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 18, 2024 | Apr 22, 2022 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 1.9 years row, are measured over the window both funds cover: Nov 18, 2024 to Oct 14, 2026 (1.9 years).
BAFE vs FMCX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.9 years both funds cover.
BAFE vs FMCX Performance
Brown Advisory Flexible Equity ETF (BAFE) is an ETF from Brown Advisory and FM Focus Equity ETF (FMCX) is an ETF from First Manhattan. Over the past year BAFE returned +12.65% while FMCX returned +3.97%. Year to date, BAFE is up 9.97% versus a gain of 5.03% for FMCX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 13.8% compared with 13.2% for BAFE. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.4% for BAFE and -18.5% for FMCX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
BAFE charges 0.54% per year while FMCX charges 0.72%. On a $10,000 position that is $54 vs $72 annually, a gap of $18 per year that compounds over a long holding period. On income, BAFE currently yields 0.27% against 0.29% for FMCX.
Holdings Overlap
43.8% of BAFE's money is in holdings FMCX also owns. 39.1% of FMCX's money is in holdings BAFE also owns.
The two portfolios partly overlap.
The two holdings books were reported 123 days apart, BAFE as of Oct 1, 2026 and FMCX as of May 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
13 positions in common, counted across the 42 positions we hold weights for in BAFE and 32 in FMCX, against full books of 90 and 32.
What only one of them owns
Our book lists 17 positions for FMCX that do not appear in our book for BAFE (57.7% of the fund), and 24 for BAFE that do not appear in FMCX (39.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in BAFE | Weight in FMCX | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.49% | 6.63% | 0.14% |
| AMZNAmazon.Com Inc | 4.42% | 4.87% | 0.45% |
| KKRKkr & Co. Inc. Class a | 2.89% | 5.21% | 2.32% |
| GEGeneral Electric Co. | 1.47% | 5.69% | 4.22% |
| METAMeta Platforms Inc | 4.60% | 1.79% | 2.81% |
| VVisa Inc Class A | 4.22% | 2.11% | 2.11% |
| NVDANvidia Corp | 3.84% | 1.93% | 1.91% |
| UNHUnitedhealth Group Incorporated | 2.82% | 2.67% | 0.15% |
| GOOGAlphabet Inc. C | 3.54% | 1.61% | 1.93% |
| GOOGLAlphabet Inc | 3.72% | 0.53% | 3.19% |
43.8% of BAFE is already inside FMCX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BAFE or FMCX?
BAFE has an expense ratio of 0.54% while FMCX charges 0.72%. BAFE is the cheaper option, by $18 a year on a $10,000 investment.
Which performed better, BAFE or FMCX?
Over the past year BAFE returned +12.65% vs +3.97% for FMCX, so BAFE leads on 1-year performance. Over the longest common window we track (2 years), BAFE annualized +10.24% vs +7.36% for FMCX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BAFE or FMCX?
FMCX has been the more volatile fund at 13.8% annualized versus 13.2% for BAFE. Worst drawdown: BAFE -18.4% vs FMCX -18.5%.
Should I hold both BAFE and FMCX?
BAFE and FMCX have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between BAFE and FMCX?
43.8% of BAFE's money is in holdings FMCX also owns. 39.1% of FMCX's is in holdings BAFE also owns. They hold 13 positions in common, counted across the 42 positions we hold weights for in BAFE and 32 in FMCX.
Which pays a higher dividend, BAFE or FMCX?
BAFE yields 0.27% while FMCX yields 0.29%, so FMCX currently pays the higher dividend yield.
Is FMCX better than BAFE?
BAFE has a lower expense ratio. BAFE led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.93. BAFE is less concentrated, with 45.4% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.